Logistical moves

Singapore-listed Global Logistic Properties is buying warehouse owner Gazeley for $2.8 bln. It’s the third big European logistics deal this year as a boom in e-commerce revives the once-sleepy sector. Sovereign wealth and pension funds will increasingly follow consumers’ money.

Context News

Global Logistics Properties, a global warehouse operator, has agreed to buy European logistics group Gazeley for $2.8 billion (2.4 billion euros), the company announced on Oct. 2.

The Singapore-listed company will fund the purchase of Gazeley with $1.6 billion of equity and $1.2 billion of debt.

Gazeley’s portfolio of properties is concentrated in the United Kingdom (57 percent), Germany (25 percent), France (14 percent) and the Netherlands (4 percent). Around 60 percent of the properties have been built within the last five years and 85 percent of the group’s development pipeline is in the UK.